Red Sea Global on right track, to generate revenues this year: CEO

John Pagano, CEO of Red Sea Global Co.

Red Sea Global (RSG) remains largely on track to deliver its target of opening three resorts this year, said CEO John Pagano.

In an interview with Al-Arabiya TV, Pagano indicated that the company is in process of handing over resorts to operators to manage, adding that hotels will start operations this year.

He also anticipates the completion of eight more resorts in the Amaala project and 13 more resorts in the Red Sea project by the end of 2024, as scheduled, to begin operations in early 2025.

RSG has signed 18 hotel management agreements with global giants of the world's hospitality sector, proving that the majority of international hospitality companies are interested in Saudi Arabia and these projects in particular, according to Pagano.

The project infrastructure will be ready to receive tourists with the launch of these resorts, as the largest renewable energy plant has been commissioned to power the Red Sea project. This development already powered by renewable energy.

Furthermore, the airport will start its commercial operations in August from Riyadh and Jeddah, with the number of destinations to be increased in the future upon finalizing the construction works and opening other resorts, said the CEO.

He added that any capital projects see the spending of huge funds in their first years in order to establish the destination, regardless of the source of funding. "However, our first resorts will go live in the coming months, so from this year we will start recording revenues," Pagano said.

The Red Sea project will have 50 resorts and hotels when it is finished in 2030, offering up to 8,000 hotel rooms, and 1,300 residential properties spread across 22 islands and six inland sites. According to Argaam's data, it will also include luxurious marinas, golf courses, and several leisure and entertainment facilities.